Rumours about fake 10-rupee coins add to demonetisation woes

Rumors of fake 10-rupee coins flooding the market have added to people’s woes after the demonetisation high-value banknotes.

Rumors of fake 10-rupee coins flooding the market have added to people’s woes after the demonetisation high-value banknotes.

Shopkeepers across Bhopal are hesitant in accepting 10-rupee coins, saying the tender is fake, say city residents.

A few days back rumours started circulating about counterfeit 10-rupee coins flooding the market with sudden increase in the number of the coins, forcing the Reserve bank of India clarifying that there were no counterfeit coins in circulation.

Anjali Maru, a 46-year-old housewife from the city’s Habibganj neighbourhood, said she was shocked when a shopkeeper refused to take a10-rupee coins, saying it was fake.

“I had gone to buy grocery at a local shop and I handed over a 100-rupee note along a 10-rupee banknote and a 1-rupee coin for 12-rupee worth of goods, the shopkeeper accepted the banknotes but refused accept the coin, saying it was fake,” she said.

The reluctance of traders to accept the coin has created problems for students who are living away from their homes in the city.

“I had 30 coins that I never used and after the Centre scrapped high-value banknotes, I ran out of cash as no one was accepting the old 1,000 and 500-rupee banknotes,” said Akhil Sharma, a 21-year-old engineering student.

“So I decided to use 10-rupee coins to buy essential commodities but was shocked to know that shopkeepers were accepting the coins,” he said.

It is not that only the customers who are facing problems due to undeclared ban on the Rs 10 coins as many shopkeepers in the city are also facing trouble.

“I have Rs 2,500 worth of 10-rupee coins with me, but the coins are useless now as no customer is willing to accept it…I have approached the bank to exchange the coins but they too are taking it,” a shopkeeper at the market number six, who identified himself as Mahesh, said.